St. Landry democrat., 1887-02-12
INCOME AND EXPENDITURE.

United States Senate on the Sunday Civil
Appropriations Tsill-The Sinking Fund
and Our Coast Defenses-The Exposed
Condition of Our Seacoast and Lake
Cities.
WAsHINGToN. Feb. 1.-The Senate shortly
after one o clock, resumed consideration or the
Sundry Civil Appropriations bill.
Mr.. Allison. chairman Of the committee on
appropriations, said that the Senator from
Connecticut Hlatt) had inquired of him yester-
day whether or not there would be surplus
in the treasury in case Congress made appro-
pftatlonS in accordance with tne estimates OF
the departments. In his desire to complete the
bill last night he had failed to answer that
inquiry as fully as he might have done. The
regular estimates OF the department U.s.
as submitted by the Secretary Of the
Treasury. amounted lin round numbers
to S!,6.00000). Since that time there
had been supplementary ard other
estimates amounting to considerable sum.
For example, there was an estimate oil near
II &5.O0D,@u TO carry out the provisions OF the
Mexican Pension bill No estimate had been
yet submitted. As to the Disabilities PENSION
bill which both houses had passed, but which
had not yet received the signature OF the Presi-
dent, it safe to assume, however, that
seven or eight million dollars would be re-
Hulred for that purpose. Then there had beeh
already submitted estimates for dehclenceS
amounting to seven millions more 50 that the
total Of the estimates for the next fiscal ycar
without including miscellaneous appro-
priationsl amounted to S395,Oo0,0o0 He
thought it safe to assume, however. that
Congress would rot appropriate fully up to
the estimates. In further reply to Mr.. Plat.
Mr.. Allison said that the estimates were in eX-
cess OF estimates hitherto made by the depart
ments in similar cases. and were perhaps in eX-
cess Of the immediate necessities Of he Coy
eminent
Mr. Platt-D0 these estimates Of 1895, 011,0o1
include any considerable amount for coast de-
lenses?
Mr. Allson-They include s5.Go2,600 for f0rti-
fcauons. The total ravy estimate is &20,O0D %,
SO that [ assume that these estimates do not in
Guide what We would regard as q sufficient ex
pendtture for COST defcnses or the navy if W e
should enter on that subject,
Mr. Platt-Five million dollars for fortifca-
lions is practically nothing.
Mr. Wilson Ga.l-DOcs this S}95,n10,NO) in
clude the amount that is to be laid aside for the
sinking fund:
Mr. AlliSon-That is included.
Mr. Platt-So that if Congress should deem
1t necessary to eXpend a larger sum than
&,WN.WD for coast defcnSes that larger sum
would increase the estimates beyond 1906, 0J1,-
0G0?
Mr.. Allison-Yes; and if we should appropri
ate more than S20,oD,O10 for the navy that over
appropriation must be added. The bill as
passed by the House does appropriate S?2,0o),-
COO. Now, as to the receipts for
the year ending June so 1885. They were
1896 c0,N01 as stated by the Secretary of the
Treasury in his message. but that does not in
Guide the receipts from postal revenue. and
those receipts must be added to the 1885,
OO.0o9 For the year 1856, the postal revenue
was $4,0o9010, so that the receipts for last year
I.DpAl mar
master General estimates that the postal
revenues will be fifty million dollars. think
in view Of the actual receipts of last year that
it is high estimate. do not believe they will
reach s50,0O1,01O. But assuming that they will,
and assuming that the ordinary revenues of
the Government are what they were last year
1896. 900, 900. then we have in round numbers
1896 100000 as the gross receipts for the fiscal
year 1SS7-SS. These receipts will not be
added to except from duties on
imports. I mean that whatever increase of
receipts there may be will have to come from
customs receipts. The customs receipts for the
year 1886 were 100000. For the first six
months of this fiscal year they anount"3 to
S17,000.000, that there has been an increase of
between ten and eleven millions in the first six
months of this year. as compared with the
same period last year. Assuming that that in.
crease continues throughout the fiscal year,
the amount from customs duties for the cur
rent year will be s214,0O0OO0. The total receipts
of revenue for the first half of this fiscal year
amount to S1S0000,00O so that if that rate con-
tinues we will have a total revenue of $3.50 000,-
for this current year, as compared with $780,
10000 for the last fiscal year. In these esti-
mates for the current year l do not include
postal receipts, nor are they included in the
s:}3G. 900 for last year, so that we will have
$500. 00OO00 of receipts and an expenditure of
sos, 100000.
Mr. Morrill-Do you not think that we ought to
make some difference between the first half Of
the fiscal year and the last half? think that
the receipts from customs are usually much
larger in the first half than in the second half.
Mr. Allison-It happens so sometimes and
sometimes the reverse happens. l take the
receipts therefore, as 60,000000 for next year
Add the estimated postal revenue, and the
receipts will be S41G000,000 Then if we take
the estimates of expenditures as suggested by
the Senator from Connecticut PlatD as the
measure of our expenditures of1SS7-S Ito which
should be added the amount Of pension legisla-
tom. we have a total expenditure Of S39o, ooO,-
900, which will make the surplus (belng the
question asked by the Senator from Con
necticut) S15.0o0000. If we comply with the
law in relation to the sinking fund, then we
are compelled to buy bonds in the open market
either four and one half or four per cent bonds
or the currency skies issued to Pacific rail-
roads.
Mr.. Tellcr-Why docs the Senator say 'if
we comply with the sinking fund law Is not
that law imperative? Can there be any ques
ton but that the Government will provide &C
cording to law for the sinking fund!
MI Allison-There is a question whether the
Government is bound to purchase its own bonds
in the open market at a large premium for the
purpose of complying with the sinking fund re-
ouirement while in fact the sinking fund is
now over 500. 900, 900 in excess OF the require
ments.
Mr.. Teller-The Sinking-Fund act provides
not for total amount but for SO much each
year.
Mr. Allison-In my judgment the Govern
ment is not bound by law, or in good faith, to
the bondholders to purchase at premium
bonds that are not yet due, while the SINKING
fund, projected for the benefit OF the bond
holders. is more than three hundred millions IN
advance of the general requirements OF the
Sinking Fund law. While admit that the let-
ter of the law requires the setting apart OF one
per cent of the total debt each year. stlli tnab !